Oxford Sad Finance Lab How to break into

Oxford Saïd Finance Lab How to break into investment banking, private equity and asset management © Andreas T. Angelopoulos 2008 - 2016 10. 05. 2016 update © 2007 2017 Andreas T. Angelopoulos

The Finance Lab in Oxford A new approach to education and networking for University of Oxford students About the Finance Lab The Finance Lab is a joint venture between the Private Equity Institute and Oxford Saïd. The Lab, which was founded and is offered by Andreas T. Angelopoulos, Executive Director, Oxford Private Equity Institute, is an extracurricular 150 hour programme for University of Oxford’s graduate and undergraduate students looking to progress their careers in investment banking, private equity and asset management, complementing the University’s programmes of academic excellence. The Finance Lab connects theory with practice through a series of practical finance theory seminars, modelling workshops, real -life case studies offered by leading banks and funds, challenges sponsored by Bridgepoint in Private Equity, Rothschild in Global Advisory, Hermes in Private Markets, Oxford Chicago Global Private Equity Challenge, and HR networking events linked with Careers in Finance. The Finance Lab is an educational offering bridging the gap between university offering and industry requirements, where employers want students with metacognitive and specific theoretical and technical skills (oral communication, problem solving in diverse areas, effective interaction with peers in a group context, specialized applied analytical, presentation and modelling skills) rather than just subject-area understanding and complex advanced theoretical or mathematical concepts. © Andreas T. Angelopoulos 2

Executive Summary The Finance Lab is a pioneering approach to learning and networking What is the Finance Lab? What / Who is Involved? How to Be Involved? The Finance Lab is a tailored financial training programme that bridges the gap between theory and practice - the programme is comprised of the following components: • Financial modelling and pitch development sessions: Taught by Andreas T. Angelopoulos (Executive Director Private Equity institute, Saïd Business School, University of Oxford, ex-IBD and investment professional) • Training through challenges: Financial Advisory Challenge by Rothschild, Private Equity Challenge by Bridgepoint, Private Markets by Hermes • Practitioner led cases: Leading senior alumni or bankers and investors (1) • Networking with firms: Learn about the different firms and the industry and what makes each one unique • Participation (pre-selected): Analyst level: MFE/MLF (up to 125) and University of Oxford undergraduate students (up to 125) ; Associate level: MBA students (up to 85) • Financial modelling: 3 streams (47 hours per stream) : 1. Oxford Saïd W-day MFE/MLF/MBA 2. Oxford Saïd W-end MFE/MLF/MBA and 3. Jackson Programme W-end 125 undergraduates. Covers Finance, Financial Statements, Valuation (Comps, WACC, APV), LBO, Growth Capital, M&A, Restructuring, Leverage/Project/Infrastructure Finance and presentations skills • Cases, challenges, networking opportunities: 30 investment banks and PE firms (60 hours of sessions) • Lead corporate placements: Morgan Stanley, Merrill Lynch, Goldman Sachs, Rothschild, Centerview, Blackstone, Ardian, CDC (2) • Educating students through case studies or sponsoring challenges or London treks (3): Engage senior professionals or alumni in interactive discussions with our students in light of a presented real-life financial transaction or sponsoring challenges to test their skills or offer London treks to expose them to your training and opportunities • Networking between HR departments and our selected students: HR Department can present employment (both internship and full-time) opportunities to our students while meeting them through networking drinks following presentations • Recruiting University of Oxford students: Our Lab students are selected and the most well-prepared group for interviews and employment due to the extensive training made available to them through this programme © Andreas T. Angelopoulos (1) (2) (3) Sample selection is provided Leading IBD PE recruiters for MBA, MFE UGS for 2015/2016 Challenges and London treks offered by: Goldman Sachs, Merrill Lynch, Lazard, Bridgepoint, Hermes, Ardian, Centerview and Rothschild. 3

What is the Finance Lab in Oxford? Bridging the Gap Between Theory and Practice Finance Lab 1 2 Modelling Workshops Case Study Walkthroughs Challenges Application of Learning 47 hours of interactive financial modelling to equip students with technical essentials for working in finance 61 hours of cases taught by expert practitioners in the relevant field to help students bridge theory and finance 80 hours of application of modelling and presentation skills through required competition of a real-life case study(1) Our students are a selected group of homogenous and focused students keen to start a career in the financial industry • Example Cases • Investment in Real Estate by • Private Equity Challenge • Sponsored by Bridgepoint • Goal: Build investment proposal • Networking Cocktails • Meet our students through • Topics Covered • Capital tructure • Operating Model • DCF: WACC / APV • Comparables • PE: LBO/Growth capital • M&A • Restructuring • Leverage/Project/Infrastructure Blackstone team • LBO acquisition by KKR team • Leverage Finance by Denis Finance • Learning Outcome • Understanding/model/analyse in IBD format • Finance instruments • Financial and valuation reports • LBO/GC/M&A, LF PF IF /Distress & Restructuring • Excel / PPT proficiency • Clear intuition of drivers of models • Defending and justifying models and assumptions • Present in IBD way and format © Andreas T. Angelopoulos (1) Coleman, Head of Finance, Goldman Sachs • M & A case by Tom Cooper, Chairman M & A Deutsche Bank • Learning Outcome • Apply finance concepts to real -world scenarios • Develop strategic mindset to complement technicals • Sharpen networking skills with senior professionals, HR and alumni 3 • Private Markets Challenge • Sponsored by Hermes • Goal: Build investment proposal for co investment • Global Advisory Challenge • Sponsored by Rothschild • Goal: build FA Proposal 4 Networking with Alumni and Firms networking cocktails that usually follow after case study walkthroughs in our Club Room • Offer customised events or London treks for pre selected students • HR Presentation • Company presentations that allow our students to learn more about your company • Recruit Our Students • Provide potential internships or full-time opportunities for our highly-trained students In addition to participation in financial modelling training sessions, the Finance Lab also requires students to participate in at least one challenge in order to receive the Certificate in Finance & Valuation modelling 4

1 Modelling Workshops Interactive Classroom Experience Involving 47 hours modelling, 30 cases, 4 challenges Goal: Provide students interested in working in M & A, Acquisition Finance, Distress & Restructuring, Capital Markets, Corporate Finance, Private Banking, Private Equity, Consulting, and Asset Management with the A through Z of building financial and valuation models in a learning - step by step - class environment. Foundations in Finance Teaching students the basics of finance to develop a firm foundation for more advanced topics • Capital Structure: An in-depth look into debt (term loans, mezzanine, PIK, HY Bonds), quasi-equity (shareholder loans, preferred equity, convertible bonds), and common equity • Operating Model: Teaching students how to make reasonable operating assumptions and projections while linking the three financial statements to form an operating model • Financial Concepts: Exposing students to the concepts of EV, Eq. V, IRR, Mx. M, Cash Yield, FCF, WC, Capex, Tax, NOLs Valuation Models are provided for each topic to clearly guide students through each valuation process • • • Specialized Topics DCF WACC : Modelling exercise to demonstrate the discounting of free cash flows along with terminal value calculations DCF APV: Demonstrating valuation from capital structure standpoint by valuing cash flows and tax shields separately Comparables: Showing how comparable companies are selected and relevant multiples are calculated LBO: Exploring LBO mechanics with an advanced model focusing on debt serviceability and cash flow generation Growth Capital: Building upon minority investments while introducing concepts such as pre/post-money valuation and Q equity structures like convertibles or SHL or preferred ordinary A series of topic-specific modeling and workshops sessions to provide exposure to specific niches of finance • Merger Modelling: Demonstration on strategic concept of Mergers (cash, cash / shares, shares) and relating it to model • Project & Infrastructure Finance: Providing exposure to various types of infrastructure investments (greenfield versus brownfield) with a focus on differences with Leverage Finance / LBO with focus on NPV and dividend waterfall modelling • Distress & Restructuring: Teaching how to identify distressed companies and formulate potential restructuring solutions via traditional valuation methods along with liquidation analysis while understanding concepts like recovery or break value Analysis & Proposal © Andreas T. Angelopoulos • Developing Info memos, investment or credit proposals specialised workshops: IBD cases and model samples developing students’ IBD presentation and analytical execution skills 5

2 Case Study Walkthroughs by Real-World Practitioners Representative Case Studies in the Finance Lab Goal: Help students realise the applicability of finance concepts in real world financial transactions Investment Banks . Leverage finance - Cable Co Acquisition from a Telco Holding for € 17. 0 bn Led by Denis Coleman, Managing Director & Head of Finance EMEA Exposed students to leverage finance concepts in addition to strategic rationale and negotiation mechanics of a successful deal, such that students can draw connections between theory and applicability Distress Restructuring - Restructuring of Pubs for £ 2. 3 bn Led by David Ridell, Partner, Oxford alumnus & Michael Wilcox, Managing Director in Restructuring Emphasised valuation knowledge in restructuring scenarios and an in-depth illustration of credit analysis along with hands-on exposure to a model of the original deal Mergers & Acquisitions - Cross border Corporate Acquisition for £ 10. 2 bn Led by James Hartop, Partner in M&A, Oxford alumnus Provided insight into how M&A can drive value in acquisitions and the assumptions used when modelling synergies along with pro-forma analysis Private Equity Funds and Asset Management . Real Estate: Acquisition of Real Estate Portfolio for $23. 0 bn A group of 5 Blackstone executives from the Real Estate Private Equity team Explored one of the largest 2015 real estate deals in light of the joint investment between the RE and debt investing divisions – students gained exposure into investing across the capital structure LBO: Leveraged Buyout of a Cable Company by KKR for € 1. 0 bn A group of KKR executives from LBO and Capital Markets team Educated students on the Capital markets and LBO process from the investment thesis to due diligence along with modelling mechanics, portfolio work, and acquisition financing Infrastructure: Acquisition of Luton Airport for £ 394. 4 m Led by Andrew Liau, Managing Director in Infrastructure Investments Evaluated the opportunistic acquisition of Luton Airport via benchmarking various business metrics with competitors while approaching appropriate valuation in light of due diligence © Andreas T. Angelopoulos 6

3 Application through Corporate-Sponsored Challenges Goal: Provide students with the opportunity to apply skills learned throughout the lab in a real-world setting Private Equity Challenge Global Advisory Challenge Sponsored By • Open to MBA MFE MLF UG students • ~80 hours time commitment • Open to UG MFE MLF students • ~80 hours time commitment • Task • Attend seminars and workshops • Design case study assessing leveraged buyout opportunity • Create LBO Excel model with goal of maximising returns within • Task • Design case study proposing financial advisory transaction • Create financial and valuation Excel model • Attend workshops in Oxford and London • Present findings to panel of senior Rothschild members • Attend awards and dinner in London – connect with Oxford alumni • Summer 8 week internship appropriate credit covenants • Develop final investment proposal • Attend cash awards and full day with Bridgepoint professionals in London Private Markets Challenge Oxford Chicago Global PE Challenge Sponsored By • Open to MBA MFE MLF students ~80 hours time commitment • Task • Designing case study proposing a co investment • Creating appropriate Investment proposal and Excel model to • • justify investment thesis Competition open to Oxford Cambridge LBS students Present investment thesis l to Hermes investment panel Attend awards and dinner in London Summer 8 week internship © Andreas T. Angelopoulos • Participating the 5 best selected MBA MFE MLF UG students from each University - University of Oxford and University of Chicago ~120 hours time commitment in 5 weeks • Task • Attend seminars, treks and workshops with banks and funds • Design case study assessing leveraged buyout opportunity • Create LBO Excel model and final investment proposal • Represent the University of Oxford in Oxford and Chicago in alternative years • Attend the 3 day PE Programme (lectures, treks, forum, challenge) 7

Oxford Chicago Global Private Equity Challenge A 3 day Programme in Private Equity in Oxford and Chicago (1) • The Oxford Chicago Global Private Equity Challenge, which partners the Private Equity Institute, Saïd Business School, University of Oxford with the Polsky Centre for Entrepreneurship, University of Chicago is a pioneering approach to networking and learning. It is exclusively designed for students from each of the schools, who are looking to develop their careers in private equity and investment banking, to broaden their skills and experience and share expertise and learning from the USA and Europe. A three day programme in Private Equity (2) began when: • Education Andreas T. Angelopoulos and Tiago Dias, Corporate Finance, Altice presented a seminar on acquisition finance modelling followed by a presentation of an Oxford private equity case on the LBO acquisition of Team. System in Italy, by Luigi Bartone, Director of ICG, Luca Bassi, Managing Director of Bain Capital, Federico Leproux, CEO of Team. System. • Challenge – Forum After presenting their proposals to the Challenge Investment Committee, the 2 teams had an opportunity to attend the annual Private Equity Forum in Oxford, which brings together academics and investors like Blackstone GSO, Goldman Sachs Merchant bank, Ardian, Advent and CDC to discuss challenges and opportunities facing private equity • London Trek The following day they went on a London trek to visit Goldman Sachs where team members networked and attended an overview of the private equity and leverage finance landscape presented by Managing Directors of the firm as well as Jamie Rivers, Partner, BC partners (Oxford alumnus), and James Brooks, Co Head Natural Resources, Goldman Sachs Merchant Bank (Oxford alumnus). © Andreas T. Angelopoulos (1) Programme took place in Oxford, February 2016 and in Chicago , February 2017 (2) Programme in Oxford, February 2016 8

Oxford Chicago Global Private Equity Challenge The best students from each University attending and competing during a 3 day PE Programme © Andreas T. Angelopoulos 9

4 Finance Lab Partners - How to Get Involved? Educate, Network and Recruit Our Top-Notch Selected Finance Lab Students Lead Case Studies • Present case studies to our students to educate them on transactions your company works on • Engage with our students on in-depth discussions on topics relevant to your presentation • Screen students that might fit your employment profile for internship or full-time roles Sponsor Challenges • Test students on their ability to apply their knowledge gained through modelling workshops and case presentations • Provides the opportunity to mentor and train our students • Serves as a conduit to screen students that satisfy your employment needs • Gives students the opportunity to discover the kind of work undertaken at your company and prepare them for their future responsibilities Networking Events • Networking cocktail reception following case study delivery providing you the opportunity to meet our students • Challenges involve having dinner with our students and getting to know them on a personal basis • Potential to organise additional customised events, London treks to further engage with selected students Recruiting Our Students • Summer Internship Recruitment: Some of our students are penultimate or final year candidates seeking internship opportunities • Full-Time Recruitment: Some of our students are final year candidates seeking full-time opportunities • Additional opportunities such as structuring consulting projects or long off-cycle internships © Andreas T. Angelopoulos 10

Investment Banks & Private Equity Funds in the Finance Lab Access to a Vast Network of Investment Banks and Private Equity Firms Investment Banks Private Equity and Asset Management Firms (1) . Cases Workshops Challenges London Treks HR careers network . Investment Banks Private Equity and Asset Management Firms (1) (2) Cases Workshops ROBEY WARSHAW © Andreas T. Angelopoulos (1) (2) Professionals from the following organizations have presented during the past 3 years or they have confirmed for this year The above firms/logos are not necessarily inclusive of all firms presenting during the respective time period – CVC EQT have been invited (TBC) 11

Testimonies By Bridgepoint, Centerview and Hermes It was really encouraging to see the high quality of many of the investment proposals and financial models which were a testament to the strength and breadth of the private equity teaching at Oxford Saïd and the University of Oxford, ’ Emma Watford, Partner, Bridgepoint (Oxford alumnus) Hamish Grant, Partner, Bridgepoint (Oxford alumnus) ‘We were greatly impressed by the innovative thought, careful preparation and insightful analysis from all of the participants in this M & A exercise. Each of the finalists presented extremely well to our reviewing committee, but the winner stood out in terms of her energy, clarity and engagement. ’ James Hartop, Partner at Centerview Partners (Oxford alumnus) Cathal O'Reilly, Partner , Centerview Partners The Asset Management Challenge offers a great way to engage with some of the most driven students at Oxford Saïd on research projects similar to those they would conduct if they came to work for Hermes and we are delighted to have successfully recruited from the winners of this Challenge. We look forward to collaborating more with University of Oxford in bridging the practitioner and academic perspectives on asset management. ’ Peter Gale, Chief Investment Officer, Hermes GPE (Oxford alumnus) Elias Korosis, Partner - Head of Strategy, Hermes GPE (Oxford alumnus) © Andreas T. Angelopoulos 12

Results Finance Lab students’ training and performance in international PE Challenges 2016 Results to Date: • 1 st place – Wharton PE Challenge 2016 • Largest PE Challenge in the world • 25 Schools involved including: • Chicago Booth • Harvard Business School • Wharton • Yale • Tuck • 2 nd Place – LBS Cinven PE Challenge * • Largest European PE Challenge • 10 Schools involved including: • LBS • Insead • Esade • 1 st place – Hermes Challenge 2017 ** • Leading Private Markets Challenge in UK • Open to Oxford, LBS, Cambridge • 2 nd Place – Oxford Chicago Global PE Challenge * • Participated 350 students from University of Oxford and University of Chicago © Andreas T. Angelopoulos * 2016 and 2017 ** 2017, Cambridge will join the Challenge from 2017/2018 onwards 13

Finance Lab – Time Schedule Overview 12 months graduate finance training (Summer Pre Term and Term 1 – Term 2 – Term 3 ) Term 2 - Finance Lab (1) Term 1 - Finance Lab(1) Basic & Advanced September – December Summer Pre - Term Preparation Period June - August • • • Wall Street Prep Accounting Prep Presentation Skills Excel Skills Suggested Readings Understand Industry Working with Careers @ Oxford Saïd to : • prepare resume and cover letters • Interview Prep Study banks/funds visiting the Lab Applying to roles • • • Modelling Challenges Cases Workshops Networking Cocktails Specialised January – March • • • Modelling Challenges Cases Workshops Networking Cocktails Term 3 – CFI (2) Elective April – June • • Theory Cases Modelling Project April - June January - March October - December June - September Phase 0: Preparation / Applications No Programme courses © Andreas T. Angelopoulos Phase 1: Application Deadlines – interviews Programme Core Courses (3) Phase 2: Interviews Programme Core Courses (3) Note: The above logos are not necessarily inclusive of all firms presenting during the respective time period (1) Finance Lab (2) Cases in Finance and Investments (CFI) 3 month elective course and training with banks and funds (3) Oxford degree programs span phases 1, 2 and 3 Phase 3: Internship preparation Programme Elective Courses (3) 14

Finance Lab – Programmes and Student composition 12 months graduate finance training – Weekdays Weekends Term 1 and Term 2 University of Oxford Saïd Business School Oxford Saïd Finance Lab Up to 340 students University of Oxford Up to 170 students up to 170 students Oxford Saïd Programme MBA MFE MLF students Associate level © Andreas T. Angelopoulos Jackson Programme Undergraduate students Analyst level MBA students MFE MLF UG students Up to 85 students Up to 255 students 15

Finance Lab – Modelling Challenges Cases Network Format 12 months graduate finance training – Weekdays Weekends Term 1 and Term 2 Term 1 * 1. LAB Modelling by ATA Weekend Sessions Oxford Saïd Programme 2. LAB Modelling by ATA Launch and 17. 00 – 19. 00 Oxford Saïd Programme MBA MFE MLF Jackson Programme U of Oxford Undergraduates 1. LAB Modelling by ATA 17. 00 – 19. 00 2. LAB Case by Bank / Fund 19. 00 – 20. 15 MBA MFE MLF Oxford Saïd Programme MBA MFE MLF 3. LAB Case by Bank/Fund 19. 00 – 20. 15 Oxford Saïd Programme MBA MFE MLF 4. HR Presentation 20. 15 – 20. 30 Oxford Saïd Programme 5. Networking Cocktail 20. 30 – 21. 15 Oxford Saïd Programme 6. London Treks/ Challenges Oxford Saïd Programme MBA MFE MLF Jackson Programme U of Oxford Undergraduates 3. London Treks Jackson Programme University of Oxford undergraduates 4. Challenge Finals 5. Oxford Chicago Global PE Programme Jackson Programme U of Oxford Undergraduates Visit by Bank/Fund in Oxford 19. 00 – 21. 30 © Andreas T. Angelopoulos * Having completed 80% of the basic/advanced modelling hours and one challenge you qualify for the Finance & Valuation Modelling Certificate * Trek / Challenge / Case or Workshop offered by banks could be attended by analyst or associate level (depending the bank / fund preference) * HR presentation – in addition to case - is not required by bank/fund 16

Finance Lab Schedule – Term 1 : September 2017 – November 2017 September 2017 Monday Wednesday Tuesday Friday Thursday Saturday Sunday 1 2 3 4 5 6 7 8 9 10 11 11 12 13 14 15 16 17 18 19 20 21 22 23 24 9 am - 21 pm Modelling Bridgepoint Challenge 9 am - 21 pm Modelling Hermes Challenge 17 pm - 20 pm Modelling Oxford Saïd Weekend Session 1 9 am-7 pm Modelling Oxford Saïd Weekend Session 1 26 27 25 28 29 30 9 am - 21 pm Modelling KKR Case Oxford Saïd Programme MBA MFE MLF Modelling weekdays and weekends Jackson Programme University of Oxford UG Modelling weekend Bridgepoint Challenge Hermes Challenge Rothschild Challenge © Andreas T. Angelopoulos Cases / Network open to ALL 17

Finance Lab Schedule – Term 1 : September 2017 – November 2017 October 2017 Wednesday Tuesday Monday Friday Thursday Sunday Saturday 1 2 3 4 5 6 7 5 -8 pm Modelling Oxford Saïd Weekend Session 1 9 10 5 -7 pm Modelling 7 -9 pm Bof. A Merrill 7 -9 pm Morgan Stanley Lynch 16 17 11 7 -9 pm CITI 18 5 -7 pm Modelling 7 -9 pm JP Morgan 7 -9 pm Blackstone 7 -9 pm Barclays 23 24 25 5 -7 pm Modelling 7 -9 pm Apollo 7 -9 pm Goldman Sachs 12 13 14 20 21 8 9 am-7 pm Modelling Oxford Saïd Weekend Session 2 15 5 -7 pm CDC 19 7 -9 pm UBS 26 9 am-8 pm Jackson Programme University of Oxford UGs – WS 1 Rothschild Challenge Weekend Session 1 B 27 22 5 am-8 pm Jackson Programme 28 29 7 -9 pm Deutsche Bank 30 5 -7 pm Modelling 7 -9 pm Lazard © Andreas T. Angelopoulos 18

Finance Lab Schedule – Term 1 : September 2017 – December* 2017 November 2017 Monday Tuesday 31 6 Saturday Sunday 2 3 4 5 9 am-8 pm Jackson Programme University of Oxford UGs WS 2 – Robey & Warshaw 9 am-8 pm Jackson Programme University of Oxford UGs WS 2 – Centerview 5 -7 pm Modelling 7 -9 pm GIC 5 -7 pm Modelling 7 -9 pm PJT Partners 5 -9 pm Bridgepoint Workshops 9 am-8 pm Jackson Programme University of Oxford UGs WS 2 – Moelis 7 8 9 10 11 12 16 17 18 19 9 am-8 pm Jackson Programme 5 -7 pm Modellng 7 -9 pm Bain Capital 7 -9 pm Houlihan Lokey 13 1 Friday Thursday Wednesday 14 7 -9 pm 3 i* 15 5 -7 pm Modelling 7 -9 pm Advent* 5 am-8 pm Jackson Programme 7 -9 pm Partners Group University of Oxford UGs WS 2 – GS Workshop University of Oxford UGs WS 2 – JPM Workshop 25 26 20 21 5 -7 pm Modelling 7 -9 pm Ares 7 -9 pm ICG 27 *** 28 *** 5 -7 pm Adv. Modelling [TD] 7 -9 pm CVC* 7 -9 pm EQT* • 22 23 29 30 24 CVC, EQT, 3 i, Advent - To be confirmed ROBEY WARSHAW © Andreas T. Angelopoulos ** December until Jan 15 is a month of Challenges preparation *** Advanced Modelling session to be offered by Tiago Dias , PEI TA 19

Finance Lab Schedule – Term 2 : January 2018 – March 2018 January 2018 Monday Wednesday Tuesday Friday Thursday Saturday Sunday 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 24 25 ** 26 27 28 22 London 23 Hermes Challenge Bridgepoint Challenge Awards in London A Day in London 29 London Rothschild Challenge Awards in London 30 5 -7 pm London Growth Capital Workshop 10 am -14 pm 7 -9 pm Carlyle Ardian Trek © Andreas T. Angelopoulos • 31 Ardian, Carlyle - To be confirmed ** Jan 25 – Feb 28 students prepare for the OCGPE Challenge 20

Finance Lab Schedule – Term 2: January 2018 – March 2018 February - March 2018 5 6 5 -8 pm 5 -8 pm Restructuring Workshop with PJT Partners Infrastructure Finance Workshop with Glenmont Case by Ardian 13 12 Wednesday Tuesday Monday Friday Thursday Saturday 1 2 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 ** 1 2 3 4 Jackson Programme University of Oxford A one day seminar in Private Equity 5 -9 pm Merger Modelling 19 20 26 27 London KKR Women in Finance Oxford students & alumni 5 London Sunday 6 Oxford Chicago GPE Challenge Education - Trek Oxford Private Equity Forum Oxford Chicago In Oxford GPE Challenge - Forum Oxford Chicago GPE Challenge Social Activities Oxford Chicago GPE Challenge 7 8 9 10 Value Investing I 11 Value Investing II ** Jan 25 – Feb 28 students prepare for the OCGPE Challenge *** Value Investing weekend, lectured by J. Henriksen, PEI TA © Andreas T. Angelopoulos 21

Finance Lab Schedule - Sessions Modelling Challenges Workshops Cases Network Session: Modelling Topics Date Lecture Section 1 Introduction to Finance Lab Oxford Section 2 Introduction to main finance concepts and instruments Oxford Section 3 Operational model and financial statements Oxford Section 4 Understanding capital structure Oxford Section 5 Valuation – Comparables method Oxford Section 6 Valuation – DCF WACC method Oxford Section 7 Valuation – LBO method Oxford Section 8 Valuation – Advanced LBO method Oxford Section 9 Mergers & Acquisitions Oxford © Andreas T. Angelopoulos Location 22

Finance Lab Schedule - Sessions Modelling Challenges Workshops Cases Network Session: Modelling Topics / Challenges Date Lecture Section 10 Project & Infrastructure finance Oxford Section 11 Distress & Restructuring Oxford Section 12 Growth Capital Oxford Challenge Bridgepoint Private Equity Challenge London Challenge Rothschild Global Advisory Challenge London Challenge Hermes GPE Private Markets Challenge London Challenge Oxford Chicago Global Private Equity Challenge Oxford Forum Oxford Private Equity Forum Oxford © Andreas T. Angelopoulos Location 23

Finance Lab Schedule - Sessions Modelling Challenges Workshops Cases Network Session: Cases / Network Date Lecture Location Section 1 Hermes Oxford Section 2 Bridgepoint Oxford Section 3 KKR Oxford Section 4 Bank of America Merrill Lynch Oxford Section 5 Morgan Stanley Oxford Section 6 Citi Oxford Section 7 CDC Oxford Section 8 JP Morgan Oxford Section 9 Blackstone Oxford Section 10 Barclays Oxford © Andreas T. Angelopoulos 24

Finance Lab Schedule - Sessions Modelling Challenges Workshops Cases Network Session: Cases / Network Date Lecture Section 11 UBS Oxford Section 12 Rothschild Oxford Section 13 Apollo Oxford Section 14 Goldman Sachs Oxford Section 15 Deutsche Bank Oxford Section 16 Lazard Oxford Section 17 GIC Oxford Section 18 PJT Oxford Section 19 Moelis & Co Oxford Section 20 Robey & Warshaw Oxford Section 21 Centerview Partners Oxford © Andreas T. Angelopoulos Location ROBEY WARSHAW 25

Finance Lab Schedule - Sessions Modelling Challenges Workshops Cases Network Session: Cases / Network / Workshops Date Lecture Section 22 Bain Capital Oxford Section 23 Houlihan Lokey Oxford Section 24 3 i Oxford Section 25 Advent International Oxford Section 26 Partners Group Oxford Section 26 Ares Oxford Section 26 ICG Oxford Section 26 CVC Capital Partners Oxford Section 26 EQT Oxford Section 26 Carlyle Oxford Section 26 Ardian Oxford © Andreas T. Angelopoulos Location 26

Finance Lab Schedule - Sessions Modelling Challenges Workshops Cases Network Session: Workshops Date Lecture Location Section 27 Bridgepoint Private Equity workshop Oxford Section 28 JP Morgan M & A workshop Oxford Section 29 Goldman Sachs Leverage Finance workshop Oxford Section 30 Glennmont Project/Infrasturcture Finance workshop Oxford Section 31 PJT DR workshop Oxford Section 32 KKR Women in Finance London © Andreas T. Angelopoulos 27

Testimonies Oxford Saïd MBA MFE MLF graduate students The Lab was a turnkey opportunity to learn and put to practice the finance modelling and presentation skills required in the industry while also providing an amazing networking opportunity with top tier firms. I can truly say that this was a unique educational and networking experience for me joining management consulting and I am looking forward to leverage these skills and network with my firm, clients and during any interfaces with the PE industry in the future. Daniel Schacter Oxford Saïd MBA ‘ 16 joining Mc. Kinsey The Finance Lab is a unique opportunity to delve into the practical world of private equity and investment banking. It not only gave me a great sense of the execution skills required and cases done by elite firms but it also provided a new form of networking that was highly beneficial for my career choice. What I enjoyed more and found unique was the chance to have actual conversations around technical topics with senior industry professionals and alumni, on a personal level. Nicolas Hartmann Oxford Saïd MFE ‘ 16 joining Blackstone The Finance Lab is a truly rewarding programme that connects students with some of the most esteemed names in high finance. Such a program that offers partner-level professionals from banks and funds leading case studies on a weekly basis is a truly unprecedented experience. Cocktail networking events that follow each case study is yet another unique opportunity to build one's network and gain one-on-one exposure to these senior professional on top of the solid financial modelling classroom experience that the Finance Lab offers. Dennis Ou Oxford Saïd MFE’ 16 Joining Credit Suisse © Andreas T. Angelopoulos 28

Testimonies University of Oxford undergraduate students As an undergraduate studying Modern Languages, there were, at first, very few resources available in Oxford to help me gain a real, robust understanding of the technical skills needed to succeed in investment banking. FL not only provided this, but also direct exposure to world-class practitioners, with decades of industry experience. I have no doubt that FL alumni, when looking back at their time in Oxford, will appreciate just how fortunate they were to gain such rigorous training and direct exposure at the very beginning of their career. Charlie Bogard Exeter College, University of Oxford M&A Analyst, Rothschild The Lab allows undergraduates the chance to hone their technical skills, and build their network of industry professionals further. This is an unprecedented opportunity, in the way it brings together a theoretical, practical and networking based approach - and a very influential scheme in the Oxford academic finance training and careers landscape. Rohan Arora New College, University of Oxford Joining Evercore The Lab has provided undergraduates with a unique opportunity to prepare for internship and full time roles, through both advanced technical skills and networking with the most prestigious banks and funds. There is nothing comparable in Oxford - this is a powerful tool for the Oxford students complementing and reinforcing our strong academic background. Ashay Sodha St Hughs University of Oxford Joining Goldman Sachs © Andreas T. Angelopoulos 29

Andreas T. Angelopoulos 10 years academic experience and 23 years professional experience in engineering, finance and investments with a focus on healthcare, education, infrastructure and real estate. Academic Executive Director, Private Equity Institute, Saïd Business School, University of Oxford Programme Director, Oxford Chicago Valuation Programme Director, Oxford Chicago Discussions Programme Director, Oxford Saïd Finance Lab Lecturing : University of Oxford Saïd Business School in UK Visiting: University of Chicago USA, Imperial College UK, Cambridge University UK, London School of Economics UK Skolkovo University Russia, LUISS University Italy, NOVA Portugal, CKGSB in China and Peking University in China Advisory Private Equity Principal Finance Family offices, companies, entrepreneurs, banks and funds in the areas of capital raising, private equity and corporate M & A Englefield Capital (Bregal) covering Italy, Greece Balkans Cyprus, and Turkey Dresdner Kleinwort Wasserstein covering UK and West Europe Venture Capital Dresdner Kleinwort Benson covering Israel, Europe and USA Growth Capital Commercial Capital covering Greece and East Europe (including Russia and Ukraine) Engineering Education Hochtielf Airport in Europe, O Brien Kreitzberg, Dames & Moore in USA and Europe, Bechtel in Europe University of Chicago, MBA , FL 200916 update Columbia University, MSc in Engineering University of Patras, Dipl. -Eng. In Civil Engineering © Andreas T. Angelopoulos 30

Finance Lab How to break into investment banking, private equity and asset management Please contact Andreas T. Angelopoulos Executive Director Private Equity Institute Programme Director Oxford Chicago Valuation Programme Oxford Chicago Discussions Oxford Saïd Finance Lab University of Oxford Saïd Business School Park End Street, Oxford OX 1 1 HP United Kingdom Private Equity Institute (PEI) – profile: www. sbs. oxford. edu/ideas-impact/privateequity www. sbs. ox. ac. uk/community/people/andreas-t-angelopoulos ATA Linkedin - Connect at: http: //www. linkedin. com/pub/andreas-t-angelopoulos/84/b 49/b 76 For any further regarding the Finance Lab please contact : Finance Lab is a pioneering approach to learning and networking in finance bridging the gap between universities and industry. Andreas T. Angelopoulos OSFL@SBS. OX. AC. UK For any Oxford Saïd MBA MFE MLF Programmes Careers in Finance Inquiries please contact: John Madgwick, Careers Finance Lead © Andreas T. Angelopoulos , FL 140517 update 31